The Economist Group is part of the pioneering global companies that have set ambitious, science-based emissions reduction targets. The Group recently upgraded its near-term target to 2030, aligned with limiting global warming to 1.5°C above pre-industrial levels, and validated by the Science Based Targets initiative (SBTi).

The global media company selected CO2 AI to help improve data accuracy, model scenarios and reduction levers, and seamlessly report on progress against targets.

Managing ever-changing environmental data

Continuously improving data accuracy has become critical, as The Economist Group’s approach to Scope 3 emissions matures and it continues to shift from secondary spend-based data to primary supplier-specific data.

Leveraging the CO2 AI platform and sustainability expertise enabled The Economist Group to deepen the analysis and understanding of its carbon emissions footprint, and continue to develop its emissions-reduction strategy.

The CO2 AI Delivery team completed the initial footprint in just four weeks, refining the baseline along all scopes of carbon emissions.  

A granular view of carbon emissions across the business

Granular data provides the sustainability team with detailed insights into the Group’s emissions. Using CO2 AI dashboards, team members are able to navigate data by business, activity, and emissions hotspots to understand the factors impacting the corporate carbon footprint.

In addition, the company has the autonomy to fine-tune the data, such as adapting emission factors based on specific regions. Data scientists have access to the platform and are able to update relevant information to ensure the finest accuracy.

Engaging suppliers for Scope 3 decarbonization

The Economist Group measures its impact along the full value chain. To improve the accuracy of Scope 3 emissions, the team leverages CO2 AI’s Product Ecosystem solution to collect product-level data from strategic suppliers.

The group will continue to roll this approach out to its top fifty suppliers, to complement data collection via the CDP Supply Chain program. This data will provide the company with detailed insights into its supply chain emissions and potential decarbonization levers.

Implementing an ambitious reduction strategy

Emissions hotspots show where the biggest opportunities lie for reduction. Then it’s time for implementation and progress measurement.

With CO2 AI, The Economist Group is able to leverage powerful scenario planning capabilities. These enable the sustainability team to take forecasted business growth into account, track the impact of different reduction initiatives, and identify any gaps between the current trajectory and its 2030 targets.

Elevating environmental data to the status of financial reporting

The Economist Group has achieved an impressive 20% reduction in annual GHG emissions since 2020, all the while continuously growing their business.

Accountability for environmental reporting rests with the Board and the leadership team at The Economist Group. They are presented with frequent and actionable data on the Group’s reduction trajectory, in a similar way to financial reporting.